EU mulls financial aid for crisis-hit Ukraine

The European Union (EU) is considering financial assistance for Ukraine to help the latter deal with its economic crisis, EU foreign policy chief Catherine Ashton said here Tuesday. "We are mulling the combination of short-term borrowing and long-term loans," Ashton, who is on a working visit, told reporters. She stressed that the EU, along with other lenders, in particular the International Monetary Fund (IMF), are standing ready to provide Ukraine with loans, but only if Kiev implements economic reforms. Ukraine, which faces 17.4 billion U.S. dollars of foreign debt repayments this year, has turned to the international community for help. It has proposed an international donor conference with the participation of the EU, the United States, Poland, the IMF and other countries and international institutions to raise funds for Ukraine's reforms and modernization. Ukraine's Finance Ministry said the country needs about 35 billion dollars in aid to improve its economy.